Tax Update for Cyprus

Posted in News, Taxation

An announcement was made on 21 February 2018,  that there will be an update on monthly income tax for residents of Cyprus. Beginning on 1 March 2018, the Tax Department of Cyprus declared that any payment of monthly income tax on wages and salaries withheld by employers from employees’ remuneration under PAYE (Pay As You Earn), can only be made via the JCCsmart electronic payments system if those payments do not bear interest and charges are not involved. If there are charges involved, any payments must be made at the District Collection Offices.

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